TaxTMI 
TaxTMI 
2007 (1) TMI 267
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....rl. MC No. 4993/2003 and the petitioner in the Crl. MC No. 5001 of 2003 is the Managing Director of Duroflex Coir Industries Ltd., a company incorporated under the Companies Act, 1956, against whom criminal proceedings have been initiated vide ST No. 84/2000 in the Court of Additional Chief Judicial Magistrate (Economic Offences) Court, Ernakulam, for the offence under section 211 of the Companies....
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.... the amount of voluntarily disclosed income has to be credited by the declarant in his books of account and such credit is to be intimated to the Assessing Officer. Further, section 68 provides that the amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the Income-tax Act. Section 71 of the VDIS provides immunity agai....
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....y proceedings relating to imposition of penalty or for the prosecution under the Income-tax Act, etc. According to the respondent, the section only says that the declaration made shall not be used as evidence against the declarant. According to the respondent, it was on independent inspection of the books of account, as provided under section 209A of the Companies Act, that the inspecting officer ....